ZAAA.NEO vs. ZDV.TO
ZAAA.NEO (BMO AAA CLO ETF) and ZDV.TO (BMO Canadian Dividend ETF) are both exchange-traded funds - ZAAA.NEO is a CLO fund actively managed by BMO, while ZDV.TO is a Canada Equities fund actively managed by BMO. Both are actively managed. Over the past year, ZAAA.NEO returned 6.29% vs 31.08% for ZDV.TO. At a correlation of -0.08, they often move in opposite directions. ZAAA.NEO charges 0.23%/yr vs 0.39%/yr for ZDV.TO.
Performance
ZAAA.NEO vs. ZDV.TO - Performance Comparison
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Returns By Period
In the year-to-date period, ZAAA.NEO achieves a 3.12% return, which is significantly lower than ZDV.TO's 18.56% return.
ZAAA.NEO
- 1D
- 0.50%
- 1M
- 2.59%
- YTD
- 3.12%
- 6M
- 1.98%
- 1Y
- 6.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
ZDV.TO
- 1D
- -0.22%
- 1M
- 4.61%
- YTD
- 18.56%
- 6M
- 13.14%
- 1Y
- 31.08%
- 3Y*
- 20.39%
- 5Y*
- 13.72%
- 10Y*
- 10.97%
ZAAA.NEO vs. ZDV.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 3.12% | 3.21% |
ZDV.TO BMO Canadian Dividend ETF | 18.56% | 15.58% |
Correlation
The correlation between ZAAA.NEO and ZDV.TO is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (All Time) Calculated using the full available price history since May 5, 2025 | -0.08 |
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Return for Risk
ZAAA.NEO vs. ZDV.TO — Risk / Return Rank
ZAAA.NEO
ZDV.TO
ZAAA.NEO vs. ZDV.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BMO AAA CLO ETF (ZAAA.NEO) and BMO Canadian Dividend ETF (ZDV.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| ZAAA.NEO | ZDV.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.58 | ||
| Sortino ratioReturn per unit of downside risk | -1.42 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.66 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | 2.10 | 4.69 | -2.59 |
| Martin ratioReturn relative to average drawdown | 5.08 | 18.24 | -13.17 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZAAA.NEO | ZDV.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.37 | 2.95 | -1.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 1.26 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.73 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 1.29 | 0.68 | +0.61 |
Drawdowns
ZAAA.NEO vs. ZDV.TO - Drawdown Comparison
The maximum ZAAA.NEO drawdown since its inception was -3.01%, smaller than the maximum ZDV.TO drawdown of -43.21%. Use the drawdown chart below to compare losses from any high point for ZAAA.NEO and ZDV.TO.
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Drawdown Indicators
| ZAAA.NEO | ZDV.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -3.01% | -43.21% | +40.20% |
Max Drawdown (1Y)Largest decline over 1 year | -3.01% | -6.65% | +3.64% |
Max Drawdown (3Y)Largest decline over 3 years | — | -9.04% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -16.72% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -43.21% | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.22% | +0.22% |
Average DrawdownAverage peak-to-trough decline | -1.08% | -5.12% | +4.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.24% | 1.71% | -0.47% |
Volatility
ZAAA.NEO vs. ZDV.TO - Volatility Comparison
The current volatility for BMO AAA CLO ETF (ZAAA.NEO) is 0.92%, while BMO Canadian Dividend ETF (ZDV.TO) has a volatility of 2.49%. This indicates that ZAAA.NEO experiences smaller price fluctuations and is considered to be less risky than ZDV.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZAAA.NEO | ZDV.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.92% | 2.49% | -1.57% |
Volatility (6M)Calculated over the trailing 6-month period | 3.30% | 9.69% | -6.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.60% | 10.57% | -5.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.61% | 10.94% | -6.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.61% | 15.11% | -10.50% |
ZAAA.NEO vs. ZDV.TO - Expense Ratio Comparison
ZAAA.NEO has a 0.23% expense ratio, which is lower than ZDV.TO's 0.39% expense ratio.
Dividends
ZAAA.NEO vs. ZDV.TO - Dividend Comparison
ZAAA.NEO's dividend yield for the trailing twelve months is around 5.21%, more than ZDV.TO's 2.68% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ZAAA.NEO BMO AAA CLO ETF | 5.21% | 3.16% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
ZDV.TO BMO Canadian Dividend ETF | 2.68% | 3.07% | 3.57% | 4.10% | 4.10% | 3.63% | 4.48% | 4.11% | 5.06% | 3.96% | 3.84% | 4.63% |
Frequently Asked Questions
ZAAA.NEO and ZDV.TO have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ZAAA.NEO is cheaper at 0.23% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ZAAA.NEO is cheaper with a 0.23% expense ratio, compared with 0.39% for ZDV.TO.
ZAAA.NEO is categorized as CLO, while ZDV.TO is Canada Equities. Their fees differ too: 0.23% for ZAAA.NEO and 0.39% for ZDV.TO.
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